Tumi Holdings Inc. posted lower profits for the first-quarter.
For the three months ended March 30, net income fell 22.6 percent to $8.2 million, or 12 cents a diluted share, from $10.5 million, or 16 cents, a year ago. Net sales rose 5.5 percent to $108.6 million from $102.9 million.
Jerome Griffith, chief executive officer and president, said that the company “continues to make key investments in the business and expand [its] retail footprint, as we work to launch our new e-commerce platform in the second half of this year.”
The company revised its fiscal year 2014 guidance and said it expects net sales to increase between 12 percent and 15 percent. That presumes total comparable-store sales growth in the midsingle digits.